According to the Russian press, the Central Bank of Russia and participating banks are looking into different types of digital ruble payments. Smart contracts and transactions that relate to crypto assets and real estate will be tested.
According to the Russian central bank, smart contracts will be implemented using the digital ruble by April next year, according to the daily Izvestia, which quoted the regulator. The new national fiat will continue to be tested in various scenarios, including automated payments between individuals and businesses like real estate purchases.
In December 2021, Bank of Russia completed the prototype platform for its central bank digital currency ( CBDC). A dozen Russian banks joined this pilot project in January 2019. Participants are able to issue digital rubles and set up wallets for citizens and banks, as well as make transfers among them. During the second stage, smart contracts will be presented.
Promsvyazbank explained that smart contracts allow the execution of contract terms with no third-party guarantor. Once the property rights have been transferred, the money is stored in a smart wallet on the digital ruble exchange platform. It then gets sent to the seller’s account. Rosbank said that the technology could be used to target financing for a real-estate purchase by a lender.
Vneshtorgbank (VTB), explained that the smart contracts in digital rubles will enable large businesses to perform complex transactions. Izvestia was also informed by the bank that it will begin to test the purchase of digital financial assets (DFAs), using digital rubles.
DFAs is currently the legal term that describes cryptocurrencies and tokens within Russia. Russian lawmakers will review a new bill, “On Digital Currency”, which aims to broaden the regulatory framework for crypto assets. Experts in Moscow believe that the financial and technological restrictions placed on Russia by the war in Ukraine could also give rise to the digital ruble project.